OREANDA-NEWS. April 04, 2011. Her Excellency President Otunbaeva officially inaugurated the new Head Office of the Kyrgyz Investment and Credit Bank (KICB) in the presence of Prince Rahim Aga Khan who arrived in the Kyrgyz Republic for an official visit, reported the press-centre of KICB.

The  opening ceremony was attended by over 300 guests, including senior officials from the Parliament and Government, the National Bank, Board members of KICB, heads of diplomatic missions and international organizations, and customers of the Bank. The opening coincides with the 10th anniversary of KICB and demonstrates its continuing growth and commitment to further support development of the private sector in Kyrgyzstan.

Located in the centre of Bishkek, at the intersection of Moskovskaya Street and Erkindik Boulevard, the new modern Head Office occupies four floors with a gross area of over 2,700 square meters and is equipped with modern banking facilities and a strong security system, which will further improve the quality of service of the Bank and increase its efficiency. The new building houses a number of operational units and can accommodate over 200 staff.

“The new head office building reflects our business philosophy and ever increasing service quality standards. This investment marks an important milestone in our 10-year continuous presence in Kyrgyzstan and will be one of the major landmarks in the financial market in Bishkek,” said Mr. Kwang Young Choi, CEO of KICB.

Prior to the official opening ceremony, the shareholders confirmed their earlier decision to increase the charter capital from USD 10 million to USD 17.5 million in the second half of 2011. With this increase, the bank’s total capital and reserves are expected to reach USD 38 million by the end of the year.

“The proposed capital increase is a  testament of our confidence in the Bank and our strong commitment to the Kyrgyz Republic”, said Mr. Sultan Ali Allana, Head of Financial Services of Aga Khan Fund for Economic Development (AKFED) – under whose aegis the Bank falls–    and the Chairman of the Board of Habib Bank Limited (HBL). “We are commited to playing a key  role in the economic growth of the country”, he continued.

Since the beginning of its operations in Kyrgyzstan, KICB has gained the reputation of a “reliable bank” due to its transparent banking practices and the credibility of the shareholders. Currently, KICB serves over  27,000 clients and has a regional presence with a network of 16 branches in five oblasts of the country. Since its establishment, the Bank has attracted over USD 56 million in credit lines which were issued as long, medium and short term loans to stimulate development of small and medium-sized businesses throughout the Kyrgyz Republic. As the principal member of VISA International in Kyrgyzstan, KICB offers a range of VISA card products to its customers. The Bank also supports the development of human resource through the establishment of the KICB Training Centre reflecting the importance that the Bank places on its corporate social responsibility program.